Market was under-attacked all day and despite numerous attempts to bounce; it kept going back down.
What was frustrating was that $AMBA chose to stop me out on my hard stop I placed yesterday before bouncing. Oh, what’s a bounce! Oh well, moving on. Why didn’t I buy back for the bounce? With a down market, the odd of the bounce was something I didn’t want to bet. Of course, hindsightwise, it did bounce; but I didn’t know that at the time so I chose not to chase it.
$NUGT opened higher to my delight but price action was behaving like it could not hold; therefore, I sold it to lock in profit. Later on, I bought back for the bounce; unfortunately, I decided to use a wider stop to give it more room to breath since I had to walk away from the trading desk for awhile. But today was not a good day for the wider stop; despite gold being up and the market heading south, gold “miners” could not stay up at all; instead it sunk like a rock. Good thing I had a stop at all since price continued to head a whole lot more southside after my stop was hit. Literally, I gave back all my gain I had this morning due to the wide stop.
Seeing that market was down (my original fear from last Friday), I started unloading position I didn’t feel would hold on a market down day. I sold $PACB, $ONVO.
By the end of the day, I only have two positions that actually were holding well considering the overall market trend.
LRAD, AMRN and 53% cash.
Categories: Daily trading Journal